Although most people are aware of how important it is to plan for retirement, it is easy to fall into retirement planning pitfalls that have significant consequences down the line.
\nOne of the most common pitfalls is money itself. Many people simply do not save enough early
\nenough. It is recommended that people save enough to have 40 to 60 percent of their pre-retirement income after retiring, depending on their planned lifestyle. The later a person starts saving, the more they need to save each year. In 2015, individuals will be able to contribute up to $18,000 per year to their 401(k)s.<\/p>\n
The money saved for retirement should be earmarked only for retirement. A 401(k) is not an Although most people are aware of how important it is to plan for retirement, it is easy to fall into retirement planning pitfalls that have significant consequences down the line. One of the most common pitfalls is money itself. Many…<\/span><\/p>\n
\nemergency savings account; it is a retirement account, and withdrawals before the age of 59 1\/2 are subject to penalties and income tax. To avoid the temptation to take early withdrawals, one may wish to keep emergency (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"